An insurance agent, when assisting a potential or existing client, generates numerous documents which can be exchanged between the insurance agent and the client. The documents can include, for example, insurance proposals which enumerate coverage options elected by the client and/or recommended to the client by the agent, provide descriptions of the elected coverage options, indicate selected limits for applicable coverage options, and quote estimated premiums for coverage options included in the proposals. An insurance proposal, created by the insurance agent, can be provided to the client for review via mail, e-mail, or during an in-person meeting. The client typically reviews the proposal and takes one or more actions with respect to the included coverage options. For instance, the client can decide to accept a coverage option, decline a coverage option, select a different limit for a coverage option, request additional information from the insurance agent on a coverage option or associated limit, inquire about a coverage option not included in the proposal, or the like. The client can take these actions during an in-person meeting, embody the actions in a formal letter mailed to the agent, send an email explaining the client's decisions, or discuss the decisions with the agent over the telephone. After one or more rounds of interaction as described above, the client can ultimately decide on a set of coverage options to purchase in a policy.
The insurance agent risks exposure for an errors and omissions claim when an insurance coverage option is not procured for an insured. Accordingly, another document, commonly created by the insurance agent and exchanged with the client, is a coverage check list or coverage review list. The coverage review list can be generated by the insurance agent contemporaneously with the insurance proposal. For instance, coverage options not specified on the insurance proposal can be included on the coverage review list. Alternatively, the coverage review list can be generated at a later stage of the insurance procurement process, e.g., when the client and agent finalize the insurance coverage options of a policy. To reduce exposure, the insurance agent typically discusses the coverage review list with the client during an in-person meeting or over the telephone, or sends the coverage review list to the client for the client to review at his or her leisure. The insurance agent may request the client sign off on the coverage review list to formally indicate the coverage options listed are declined.
Purchasing insurance is an important, but complicated, process. The interactions described above can be time-consuming while also inefficiently conveying necessary information between the agent and client. Agents often experience difficultly in properly educating clients on details of coverage options, explaining gaps in coverage to clients, and, in general, exchanging important documents with clients while also limiting liability and protecting agencies from risks. Similarly, clients have difficulty understanding documents provided from agents and identifying the gaps in coverage while understanding business risks created from declining certain coverage options.
The above-described deficiencies in the conventional insurance procurement process are merely intended to provide an overview of some of the problems of conventional techniques, and are not intended to be exhaustive. Other problems with the conventional techniques, and corresponding benefits of the various non-limiting embodiments described herein, may become further apparent upon review of the following description.